all right, sir, alan blinder, thank you. very interesting report.re will be more research built upon it. thank you very much. >>> developing now, we'll show you a few pictures here. house republican leaders are holding their press conference before they get into the nuts and bolts of their annual retreat, which this year is taking place on the eastern shore of maryland. a now more familiar face to some of you, that, of course, is cathy mcmorris rodgers, who did the republican response a couple of nights ago. >>> coming up next, hatching the plan. the most senior republican in the senate. utah's orrin hatch joins me next, part of a trio of republicans who unveiled an alternative to president obama's affordable care act. can he convince his party to unite behind the plan? >>> first, the white house soup of the day -- [ female announcer ] who are we? we are the thinkers. the job jugglers. the up all-nighters. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can say, "i did it!" ♪ we ar

. >> reporter: economics professor alan blinder, a past vice chairman of the fed, hired ben bernanke at princeton, so of course he's biased. but in his post-crash bestseller, after the music stopped, even blinder takes bernanke to task for letting lehman brothers fail, freezing credit worldwide. that lowers the grade from a straight a or a+. >> the lehman episode just sticks in my craw, not to save lehman or put them to bed in a more gentle way, this is a joint mistake of ben bernanke and hank paulson, who was secretary of the treasury, but it was very consequential. i mean as you know, all hell broke loose the very next day. >> reporter: but at a town hall in 2009, bernanke told jim lehrer that the fed didn't have the legal authority to intervene in an investment bank like lehman. >> in the case of lehman brothers, there was just a huge $40, $50 billion hole that we had no way to fill and no money, no authorization, no way to do it, so we had to let it fail. we had no choice. >> reporter: to blinder, though, the government made up all sorts of tools during the crash. >> guess what?

. >> she's got blinders on. >> horse blinders. how can she see anything?ou have to throw it straight ahead. >> it's so sad when she goes to pick it up because the cone goes flat against the ground. almost going to fall into a headstand. >> it looks like a vacuum cleaner when the cone goes on the ground and all of a sudden the ball gets sucked up. like a vacuum. >> it's hard to believe she was actually able to reach down and get it but she does. >> smile for the cam. >>> this is a bronson a wolf-looking dog who likes to smell good. >> what's on there? >> it's the rag that i cleaned with, stainless steel cleaner. >> the stainless steel appliance cleaner was applied to the rag and used to clean the appliances and the owner says he has -- william krause is the owner and he has to make sure he puts the rag away or bronson will kind of rub up against it. they say he loves lotion, car interior cleaning products and his very favorite is the stainless steel cleaner. >> so much for having a clean refrigerator. >>> it's an nba star inspired internet trend. >> called

economy is allan blinder, former vice-chairman of the board of governors at the federal reserve and now professor of economics at princeton. welcome. >> good to be here. >> is the fed doing the right thing at the right pace and dca the economy continue to expand? >> the economy can continue to expand. the fed is doing what it can with quantitative easing, but nobody including the fed this this is a first order importance in how fast the economy is growing. we're talking the decimal point or beyond. it can keep growing with the fed withdrawing stimulus. is it doing it exactly the right time and pace? nobody knows the answer to that. i have to admit some sympathies with eric rosengrin who dissented on the grounds they were starting too easy. this is a close call, it's not a very big difference one way or another. >> so alan, the fed tapers, which is pretty much what the markets were expecting. and we see the bond prices go up and the stock market goes down. what is that telling us? >> it tells me this is not because of a surprise at the fed. i think everybody on the planet that follows th

. >> to create that sense of wonder, to take the blinders off and realize that we live in this one narrowrspective, and i think that man kind can, you know, sometimes become arrogant. that's why we sometimes destroy our environment. because we don't realize we're connected to all of it. >> we are connected to all of it. and there's so much more to it than meets the eye. and national geographic's new 3d adventure just premiered at the american museum of natural history and is now open in imax theatres and digital cinemas across america. thank you for watching "nightline" tonight. tune into gma first thing in the morning for the latest on the snowstorm. and as always, we're online at abc news.com. good night.

. >> to create that sense of wonder, to take the blinders off and realize that we live in this one narrow can, you know, sometimes become arrogant. that's why we sometimes

and not everything out of your diet but blinder to things for you probably last longer.s very difficult. there are some tough programs out there to get involved and people get hurt then they are turned off. >> start with something fun and like we we're doing or you will not go back. also stepped you up maybe with a beginner class or worth -- with a personal trainer at a beginner level then progress versus jumping into something so difficult you cannot keep track. gerri: i think for so many people it is so easy to set your desk but never moved around a. >>. >> day been taking the stairs the great thing about nike is it encourages you to move. i don't think they give you all the information how hard you are working but they do encourage you to take as many stepsas possible. >> what about for christmas. [laughter] >> we to. gerri: we talk about the best diet. >> i am not a big and diapers said we should eat what we like to eat but try to eat small portions five times a day keep your blood sugar going instead of eating three big meals try to eat five small meals about 400 ca

professor blinder is a colleague of refresher kruger. china mobile, the world's biggest cellphone operator, begin sales of iphones friday. cell phones there hit a record in the fiscal first quarter. we know that china mobile says millions have been ordered, but both china mobile and apple face challenges because they are facing falling market share. customers are buying cheaper chinese made phones that run on -- >> within sam grobart us article sam grobart -- article -- >> is going strategic by going after -- that is front-page stories. guest host for the hour is larry downes. boy, is he qualified. it is sick -- berkeley, clerking for judge pozen are out of the university of chicago. his latest book really is interesting. "big bang disruption." it pushes against "disruptive world." here we are with "big bang disruption." where is the big bang disruption now? are the old tech companies just fossils? >> not only old tech companies, it is really old -- all incumbent companies. get adopted by all segments at a time. get with microsoft. what

if you go in it without blinders on. >> if you come from a large irish family you know what you are inhen you are high you have never been so high but when you were miserable you regret that first needle. >> as the only nonparent at the table, the energy that parents have, i have nieces and nephews and when i'm around kids i love kids but after an hour i'm like uncle needs a nap. >> we don't have the luxury. >> so does daddy. >> parents can't do that. >> you'd be surprised. >> of the women, the mothers are much happier than the childless women. but the childless dads are happier than the fathers. what does that mean? >> that doesn't surprise me. >> that means what college costs today is what that means. i mean i'd be retired now. i'm 66 years old and have three so tend through school. >> but i would be interested to see if it is parents of teenagers or parents of kids -- >> parents of teenagers, according to what day of the week it is. >> what hormones are peaking. >> when it's good it's great. but there goes -- there is a teenaged period where it just ain't good. >> you're right in th

we'll take a look at the speaker's blinders coming up next.when jake and i first set out on our own, we ate anything. but in time you realize the better you eat, the better you feel. these days we both eat smarter. and i give jake purina cat chow naturals. made with real chicken and salmon, it's high in protein like a cat's natural diet. and no added artificial flavors. we've come a long way. and whatever's ahead, we'll be there for each other. naturally. purina cat chow naturals. [ sneezes ] [ male announcer ] you may be an allergy muddler. try zyrtec® for powerful allergy relief. and zyrtec® is different than claritin® because it starts working faster on the first day you take it. zyrtec®. love the air. [ sneezes ] her long day of pick ups and drop offs begins with arthritis pain... and a choice. take up to 6 tylenol in a day or just 2 aleve for all day relief. all aboard. ♪ i prefer today. [ female announcer ] new clairol age defy color collection. with our best breakthrough gray coverage. lustrous, radiant color that looks 10 years younger

i would tell people to put blinders on to the action today and tomorrow and take a fresh look when the pros come back. >> stuart, people will open up their end of the year statements, see nice returns, that might entice people to put in the market. is that a good idea? because the retail investor seems to mistime things. >> i think we have to remember -- >> it's to stuart. then jeff, you can respond. >> i'm sorry. i think we have to remember that, you know, this has been the first year where we've seen net inflows into funds this year, into equity funds. it wasn't really strong. so far, individuals have not moved dramatically into stocks. i think as the economy gets better this year, the world economy broadens out a little bit, i think we will see that. i think we'll see individuals move in and it's no too late. >> stocks only go up or down really for one reason. there's more buyers or more sellers. you think we will see more buyers, and therefore i would assume you are optimistic on equities at least to begin the year. >> yeah, we've got a target right now for the end of the year at 1

i never had blinders on like some of my liberal friend have you know, that of the kind of sanctityification of the palestinian but just from a realistic point of view, i don't understand, for the last 20 years, and it has been harder and harder for me defend sometimes the actions of israel to my liberal, jewish or non-jewish friends. i don't understand in oslo, with few exceptions under barack and olmert why there hasn't been more outreach from the israeli side? in particular i don't understand the last several years how, last couple israeli administrations, seems like there's been this actions whether intentional or otherwise that undercut moderates, at least more moderate leaders among the palestinians and strengthen hamas. and i don't understand what the endgame is because eventually as jews no better than anyone else, the palestinians one day and jews know this, should know this more than anyone, the palestinians will get a homeland of at somer point. they will. question is what is the plan? >> so the question is why there is no more reaching out? why israelis don't reach out more? this

blinder >> reporter: and kaiser hospital thursday after christmas the doctors prescribe some antibioticsxpected him to bounce back and the work a few days later. less than 24 hours after he left here he's brought back and an ambulance. because he was having trouble breathing. here's a photo of hand and a hospital gurney his condition deteriorates quickly and a young man known as many died less was a key >> : the father did not appear on camera says that his son did not have underlying cause problems before contracted this conflict. he had not got a slingshot and wasn't taken very could keratins appeared >> : to is a young guy who is thinking use command: sleep deprivation because he drank a lot suppress appetite not eating well. >> : all of us to keep in mind the sluices and this is a fast acting virus and if it finds itself a nice place to settle at can do serious damage. >> : and the family is making plans for a memorial service which they will all told saturday >> pam: a rush of people went to get the flu vaccine over the weekend. a cbs store and martina's ran out of the vaccine. afte

so in that context, if you take the blinders off and think about it in that future, what does connectivity mean, what does automation mean? >> to my way of thinking, i drive a car, i cannot imagine letting my vehicle do that, but is that the kind of thing you are thinking of? >> certainly on commercial vehicles. in europe, they concluded that project last year, and it was successful, but with respect to our own personal transportation, i mean, we may be willing to accept a transfer pod that comes to our home, pick up, and at some stated time takes this to our appointments and comes back and picked us up and then goes off wherever it needs to go. that is a different mode of mobility of transportation. and certainly our young people, you know, given their declining proclivity to want to drive would be more susceptible those kinds of things. we need to think about what that future might mean in terms of what we regard today as transportation. it may be entirely different. so while we are focused on dealing with the issues of connectivity, and i'm not trying to minimize them. we have so that b

know alanf all, i blinder very well. he was at m.i.t. when i was there.e economist to say the least. a federal minimum wage, i don't prefer it. we still have the best job market in the world and we are still creating more jobs than anyone else. will't want anything that hamper it, even though people say it's not that important. theshut off jobs if applicant and the firm want to have it? >> you think it is a negative? honestly, i don't think it's going to be a disaster for the economy. i would not change my protection on what the market is going to do or gdp is going to do. i just want to make sure everyone who wants a start in the job market -- remember, only one third of those that did the minimum wage are the primary workers met family. they are often second or third people getting extra money and that's a good thing. as beingthink of them the prime breadwinners in the family. there'll be a lot of disagreement. don't on both sides -- i think congress is going to get to the minimum-wage this year, an election year. it's something to talk about but it wou

i think he just went in to it with blinders on, so to speak.ding the political implications and then, you know, the outburst that he made was very unfortunate. it just -- started to compound all of the bad things that were happening as a result of the trip. i'm really -- i feel that the other players did the right thing in understanding and realizing that they were being used, and getting out of there. >> and how, in your view, can sports be used as a uniter? even when there may be some political differences that may stand in the way? how can sports still kind of bridge that gap, in your view? >> well, you know, differences can never be bridged unless people start to talk, and a sporting match is a great way to initiate a conversation. you have something in common. your love for a game or sport, and the ability to come together in that way can lead to people coming together in more ways, and it just -- it opens doors and gets people talking, and that's such an important key for any attempt at diplomacy. >> and do you see that this trip in any w

in that context if you take the blinders off and think about in the future what does connectivity mean, what does automation in? >> to my we thinking, i can't imagine letting my vehicle do that. but is that the kind of thing you're thinking of? >> certainly on commercial vehicles. in europe, they have demonstrated road trains. they conclude that project last year, and it was successful. but with respect to our own personal transportation, i mean, we may be willing to accept a transport pod that comes your home, us up at some stage time, takes us to our appointments and comes back and picks us up and then goes off whatever it needs to go. that's a different mode of mobility of transportation. certainly our young people, given their decline proclivity to want to drive would be more receptive to those kinds of things. we need to think about what the future might mean in terms of what we regard today as transportation. it may be entirely different. so why we are focused on dealing with the issues of connectivity, and i'm not trying to minimize them, we still have big issues there, as well

despite concerns in the emerging markets in europe, the demand continues to be higher and right now blinders supplies fell 3.3% last week, that was a surprise, shows that demand continues to be strong. a bigger story, the new york stock exchange, actually put new rules on the warehouse that hold the cocoa and coffee. right now they are changing the role, how long the warehouse can charge to hold supply and how fast they have to turn supplies over. there has been a lot of criticism about that market that traders are buying this warehouse space, holding back supplies and the people who want to use the coffee and cocoa are left out paying higher fees, the new york stock exchange is going to crackdown. we also have oil on fire today, natural gas, energy rocking and rolling and the precious metals pulling back ahead of the fed. back to you. cheryl: there will be a lot more going on at the cme tomorrow with that fed announcement. thank you very much. time for your west coast minute. there is the map. avalanches have cut off a road leading into a town in alaska, the only road, last stop on the tran

right but if we look at it on a regional basis you would be wrong, not just on a micro level with blindersr blocks around town, and new york and new jersey benefiting tremendously this week? ashley: use a worldwide audience, everyone knows it is here? >> new york may be the only place that does not need all of this attention but can still use it. every other city whether it is new orleans or indianapolis miami, tremendously benefit from the world wide tension and green media. new york city is different. new york is new york. even new york benefits from this worldwide media coming in and it is free media. don't have to pay for the around the world and it is worldwide attention for a weekend of a longer. cheryl: because new york city has so many hotels in the areas they don't actually get to double or triple the prices, and they are not financially as much as another part of the country would. >> interesting point. a long time after the holiday season, on downside for the hotel, rooms are getting filled up, $800 rate, and the hotel tax rate approaching 20% that is more money did goes into th

so in that context, if you take the blinders off and think about it and that future, what does connectivity mean, what does automation mean? to my way of- >> thinking, i drive a car, i cannot imagine letting my vehicle do that, but is that the kind of thing you are thinking of? certainly on commercial vehicles. in europe, they concluded that project last year, and it was his vessel, but with respect to our own personal transportation, i mean, we may be willing to comes a transfer pot that to our home, pick up up, and at some stated time takes this to our appointments and comes back and picked us up and then goes off wherever it needs to go. that is a different mode of mobility of transportation. and certainly our young people, you know, given their declining proclivity to want to drive would be more susceptible those kinds of things. we need to think about what that future might mean in terms of what we regard today as transportation. it may be entirely different. so while we are focused on dealing with the issues of connectivity, and i'm not trying to minimize them. we have so that big iss

that jumps up and down and argues it's only a one direction move, that they're going to put their blinders on and not react appropriately is completely missing the communication. >> you think he can come back with a bigger buyback down the road? boy, i will take the other side of that wager. >> folks -- >> and the fed does not control long-term interest rates. >> a spirited debate as we always like to have. folks, gentlemen, lady appreciate it very much. >> thank you. >> we have about 51 minutes -- 50 minutes before the closing bell. the dow is higher by 87 points right now, kelly. >> but apple is not higher. those shares having their worst day in a year after posting disappointing iphone sales and weak revenue guidance. up next we'll hear from someone who says the selling in this company has just started. you might not believe his price target. carl icahn will be in trouble if he's right. >>> and also ahead, big earnings from at&t and yahoo! due out after the bell. we will have full coverage of all the numbers as soon as they are out. >>> and don't forget carl quintanilla, john harwood an

der ins alan blin alanall street -- here is blinder in "the wall street journal."otes unemployment benefits were cut off. linder, professor at princeton university and former vice chairman of the federal reserve. go to "the wall street journal" to read his piece. waldorf, maryland, on the line for folks who are unemployed. how long is too long? caller: hello? the question you should be asking this morning is, as long as the democrats and the republicans continue to bring foreign products into this country and allow our country to be invaded by ford invaders that come in and take our jobs, as long as they allow these things to go on, that makes them responsible for people who don't have food on the tables. they have taken their jobs. how long will we allow foreign products to come in and allow invaders to come in. both the democrats and the republicans playing the american people. we need to get up and take our nation back. lee from waldorf, maryland. scott olson on facebook, "how yout three months, then have to report for job search and menial labor." that is scott

in the last five years i've really grown up to have my eyes open instead of walking around with blinderse shit. >> we're on cable. >> i said i'm here to do one thing to keep everything in perspective. to realize that i don't need to put myself in harm's way to drink or anything. >> but people are worried about you. look, we joke around about what this interview, what are hard questions and what isn't. north korea is what it is. that situation is what is it. i'll tell you what the hard discussion is. that's the big reason. this is no joke what goes on in a place like this. and i have less concern about what happens with you and foreign policy than i do about how you take this opportunity, what it means because people don't come here just to get their head together. if you want to face up, everybody drinks for a reason, dennis. never just to have a good time. you know that. i don't need to lecture you about it. it's hard. i know it's hard. i'm not hearing that process. it sounds like this is a little rest point for you to collect yourself and move forward as opposed to taking on addiction.